Europe News

Charts Signal 'Buy', Dow Heads for 12,000

"Things look bullish on most stock markets," Royce Tostrams, technical analyst at Tostrams Groep said Monday. He told CNBC that last week the markets formed a higher low, signaling a "buy" signal.

"In the U.S., things look very positive," Tostrams said when analyzing the charts for the Dow Jones Industrial Average. He sees the index rising toward 12,000 in the medium term.

The CAC 40 index last week formed a higher low and is now headed to 4,000, he said.

Amsterdam is following the other markets and thus has a "17 percent upside potential," to 344 points, Tostrams told CNBC.

A "buy" signal has been confirmed for all markets, he added.